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The Basics of Taxes Flashcards | StudBud
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The Basics of Taxes
The Basics of Taxes
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1
Which is something that taxes
pay
for?
Public Libraries
Backpacks
Your house
Apple Computer
2
What does the Medicare program provide?
Funds public schools
Pay for healthcare for seniors
Pay for retirement
Pays for military costs
3
Definition;A sum of money demanded by a government to support the government and other services
Expense
Payroll
Taxes
Income
4
What is a person who pays a tax to national, state, county or municipal governments called?
Community
Creditor
Citizen
Taxpayer
5
What is income received from sources other than employment?
A gift
Wages
Earned Income
Unearned incom
6
What is a tax on
earned
and
unearned
income called?
Income Tax
Received Tax
Wage Tax
Payroll Tax
7
Which principal is supports the importance of taxes?
You are responsible for yourself
You are better off being a member of a community
Your Present self affect your future self
Money management affect your financial well-being
8
Definition; Money earned from working for pay
Unearned Income
Earned Income
Wages
Income
9
What is a tax collected from the seller that is "hidden" in the price of the product called?
Sales Tax
This is not a real type of tax
Hidden Tax
Excise Tax
10
What does the Social Security program provide?
Funds for retirement
Funds for healthcare
Funds for the military
Funds for roads
11
What is a tax on
just
earned income called?
Income tax
Excise tax
Payroll tax
Property Tax
12
If an employee owes $400 for payroll taxes how much does the employer pay?
None
$100
$400
$200
13
A tax on items like land, house, automobile, and campers is called what?
Income Tax
Payroll Tax
Excise Tax
Property Tax
14
What is a tax on the purchase of goods and services called?
Sales Tax
Seller's Tax
Excise Tax
Buyer's Tax
15
What is another term for
payroll tax
?
OSHA tax
PRMP tax
FICA tax
FDIC tax
